Zimbabwe’s central bank says banknotes from its old currency, which collapsed and was discarded years ago because of runaway inflation, can be exchanged for American dollars. But 100 trillion Zimbabwean dollars will fetch only 40 U.S. cents.

The African country is ditching its local dollar after it has been made almost worthless by hyper-inflation.

Zimbabwe started using foreign currencies, including the US dollar and South African rand, in 2009 when inflation hit 500 billion per cent.

At the time, prices were rising multiple times a day and people had to take plastic bags full of notes just to buy basic foods like bread and milk.

The last bank note printed by the country's central bank in 2008 was 100 trillion Zimbabwean dollars - and it wasn't even enough to ride a public bus to work for a week.

Head of Zimbabwe's central bank John Mangudya said that citizens will now be able to convert the local currency into US dollars.

Bank accounts with balances of up to 175 quadrillion Zimbabwean dollars will be paid $5.

And those with balances above 175 quadrillion dollars will be paid at an exchange rate of $1 to 35 quadrillion Zimbabwean dollars.